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Shanghai Composite up 0.42% on reserve ratio cut
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SHANGHAI stocks gained this morning after the central bank lowered reserve requirement ratio for targeted banks in a fresh bid to bolster economic growth.
The key Shanghai Composite Index rose 0.42 percent, or 8.53 points, to 2,039.03. Turnover was 31 billion yuan (US$5 billion) by midday.
The People’s Bank of China said yesterday that the reserve requirement ratio will be cut 0.5 percentage points for two-thirds of city commercial banks, 80 percent of rural commercial banks above county level, and 90 percent of rural cooperative banks above county level, effective from next Monday.
It is the second cut in two months after the PBOC reduced the ratio for county-level rural commercial banks and rural cooperatives in April.
Lenders gained. Shanghai Pudong Development Bank rose 0.5 percent to 9.59 yuan. Industrial Bank added 0.8 percent to 9.87 yuan. Industrial and Commercial Bank of China gained 0.8 percent to 3.69 yuan.
The market gain was capped after the China Securities Regulatory Commission said in a Weibo posting late yesterday that it had approved 10 initial public offerings, marking the official restart of IPOs.
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